GBPJPY Overview

Looking at the GBP/JPY chart, it seems we’ve hit a point of interest after a bullish move, and price is showing signs of a potential reversal. The structure around this area is interesting—there’s a clear Break of Structure (BOS), followed by a shift that suggests sellers might be stepping in. The market appears to be losing bullish momentum as it approaches the 195.032 level, and I’m expecting it to pull back.

I believe that the price could retrace downwards towards the support zone marked around 193.800. If the current resistance holds, we might see a bearish move in the coming sessions, and price could make its way back to test the support area. If price respects that level, there may be an opportunity to go long again, but for now, I’m looking for a potential short setup from this resistance zone.

We’ll need to keep an eye on the price action around these key levels to see whether this scenario plays out as expected.